杰富瑞亚洲论坛：AI电源记录

The following is a video recording of the presentation delivered by JanardanMenon at the Jefferies Asia Forum 2026. The slide deck accompanying thepresentation begins on page 3. Janardan Menon examines the power supply journey within the data centre, starting from thegrid at 120kV AC down to a GPU/TPU/ASIC at below 1V DC. The session focusses on thesemiconductor content in various stages of power conversion, including the Power Supply Unit(PSU), the Intermediate Bus Converter (IBC) and the Voltage Regulator Module (VRM). Key topics discussed: •Power journey in an AI data centre through the substation, transformer, UPS, PSU, IBCand VRM to the GPU/TPU/ASIC.•State of play for voltage regulator modules and the key players.•Power Supply Units and Intermediate Bus Converters and their key suppliers.•Transition to 800 HVDC power and impact on demand and supply chain.•The potential impact on SiC and GaN suppliers. Key companies discussed:Infineon, Renesas, Delta Electronics, ST Micro, Monolithic Power,OnSemi, Nvidia, Alphabet, Aixtron, Schneider, AWS, and Innoscience. 00:00:02:16-00:00:31:15 Unknown Hi. Good afternoon everyone. And thanks for coming for the session. So this session isabout, power. I, maybebefore that, I should introduce myself. My name is Jonathan Menin. Icover predominantly European, tech hardware, and that's how I get up. It starts withJefferies. And, since my coverage includes companies like Infineon, which are very much atthe heartof the power supply for AI data centers. 00:00:31:17-00:00:57:19 Unknown I've done quite a lot of work on this. And I'm going to run through, some of the, the ways inwhich power is flowing through an AI data center today, as well as how that architecture willchange, how the sources of power will change in the next 5 or 6 years. Especially as theindustry goes to 800 volt DC, transfer power distribution as being pushed by Nvidia. 00:00:57:21-00:01:26:16 Unknown So, so, can we have the, Perfect. So the power story actually starts from the grid. And I'mgoing to throw around a lot of voltage, and power numbers, in this presentation. But keep inmind that these numbers will change from region to region. They will change based onwhich hyperscalers deploying the data center. 00:01:26:16-00:02:03:04 Unknown So there are differences. And what I've used here is a sort of a one size fits all, which is notreally true, because everyone has their differences and even regional voltages will change,very much. And so keep that in mind. So what we have is a story ofpower. Where youtypically start from the grid at about 120,000V AC, and that goes all the way down to theother extreme, other end of the chart, which is a one volt or even a 0.7V DC power going intoa Blackwell GPU or a Google TPU. 00:02:03:06-00:02:28:01 Unknown And so you can you canimagine that you're going through a huge number of transitions andtransformations of power, as you go from that 120,000V AC to, one volt DC going into theGPU. And there are losses which happen throughout this, this, this transition. And theobjective ofthe industry is to try and reduce those losses as much as possible. 00:02:28:03-00:02:50:13 Unknown So if I go a little bit more into detail, you start again. This is just a pictorial just to make iteasier to understand. And what we have today is, is transformers. So the grid is hundred and20,000V. It goes into a substation in the data center. These are substations. Typically beoutside the data center. And they, made by companies like ABB. 00:02:50:15-00:03:13:11 Unknown They convert the 120,000 volt AC to about anywhere, which is called a mid mid voltage rangeof AC, which can be 3500 to 35,000V AC. From there it goes to a transformer. These aretraditional transformers today. In the future, as we will talk about, they will go into solid statetransformers which are based on semiconductors. But today there are no semiconductor. 00:03:13:11-00:03:41:01 Unknown There is zero semiconductor content in those transformers. But those transformers willconvert that voltage, which is typically, let's say, 35,000V AC from the substation to a 480volt AC, current, which then flows through switchboards or switchgear. Thisis supplied byagain, companies like Schneider Electric, ABB. And these are no different from the kind ofswitch fuze boxes that you have in your house. 00:03:41:03-00:04:04:03 Unknown Okay. What the basically control mechanisms. If there's a fault, if there's a surge, they wantto protect the data center from that. Obviously, they are far more complicated than what youhave in the house, but it's effectively the electrical fuzes, basically, which help in both powerdistribution but also in surge protection, etc.. Even that is gradually going into solid state, aswe will talk to in a minute. 00:04:04:04-00:04:25:17 Unknown So these are all the changes that are happening in the in the distribution of power in the datacenter over the next five, six, seven years. There is to